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Stocks to watch: Noble, Midas, Raffles Education, Mirach Energy, Genting Singapore
THE following companies saw new developments which may affect trading of their shares on Friday:
Noble Group: The commodity trader said on Friday that PT Atlas Resources Tbk, a coal producer listed on the Indonesia Stock Exchange, has filed a lawsuit in Indonesia against the company seeking compensation in excess of US$260 million. Noble said that as at the time of this announcement, ity had not been served with any writ relating to such claim and is not aware of the grounds for the claim or any further details.
Midas Holdings: The company announced on Thursday night that Patrick Chew Hwa Kwang had resigned as its executive director and CEO, citing health reasons as well as legal troubles surrounding the group. Separately, Midas said its legal counsel in the People's Republic of China had obtained court documents regarding three legal cases associated with the group. In another filing, Midas said its applications for a 120-day extension to June 28 to announce its FY2017 results and a 120-day extension to Aug 27 to hold its annual general meeting have been approved by the Singapore Exchange.
Raffles Education: It announced after trading hours on Thursday that it is proposing to undertake a renounceable non-underwritten rights issue of up to 318.6 million new ordinary shares in the company at an issue price of S$0.14 each in order to raise gross proceeds of up to approximately S$44.6 million. This is on the basis of three rights shares for every 10 existing ordinary shares in the capital of the company.
Mirach Energy: The oil and gas exploration and production company will resume trading on the Singapore Exchange on Friday. This follows its announcement on Thursday of a S$5.6 million stock placement, in which Mirach will issue 56 million new shares at S$0.1 apiece. It will use the funds raised from the placement to "substantially settle" a remaining investment sum amounting to RM19 million (S$6.4 million) in respect of a proposed investment that was announced in March.
Genting Singapore: The company said on Friday morning it will hold an extraordinary general meeting on April 17 to seek shareholders' approval for a domicile change from the Isle of Man to Singapore, and a change in name from Genting Singapore plc to Genting Singapore Limited. The proposed re-domiciliation would allow it to align its country of registration with its country of listing and where its main operations and business are situated.